O-LevelEconomicsThe allocation of resources2281/11 · May/June 2023 · Q51 Mark

The diagram shows the effect of a decrease in price on the demand for a product. [Figure 5.1] What does the arrow on the diagram illustrate?

This question uses a diagram from the original paper, which isn't shown here. Open the full paper from the past papers archive to see it.

Acontraction in demand

Bdecrease in demand

Cextension in demand

Dincrease in demand

✓ Correct answer

C: extension in demand

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2023 Paper 1 Variant 1, question 5.

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